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Friday, September 25

24th Sep - Yellen keeps hike in play

Previously on MoreLiver’s:

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Nordic Outlook Danske Bank
Denmark: Recovery set to continue but at a slower pace than previously forecast *Sweden: Exports slowly taking over, domestic economy likely to cool a bit * Norway: Slower growth, no recession, the oil sector is a drag but the economy is robust * Finland: Reforms ahead, new government to increase growth potential but tightening in the short term

A Strategy for Resolving Europe's Problem LoansIMF
Ttightened supervisory policies, insolvency reforms, and the development of distressed debt markets.

Will the ECB expand Quantitative Easing?Open Europe

Monetary policy lessons from the financial crisis ECB
Speech by Peter Praet, Member of the Executive Board of the ECB

Yellen: Inflation Dynamics and Monetary Policy FED
Yellen sticks to plan to hike interest rates this year WaPo
Yellen: Anticipates Raising Fed Funds Rate this Year – Bill McBride

Government Shutdown and Debt Limit 2015, Q&A – Econmatters
A federal shutdown due to a funding lapse looks no less likely than it did two weeks ago, and Goldman Sachs believes the probability is nearly 50%.

*A wink and a nod later… and the debt is monetized – FT

Morning MoneyBeat AsiaWSJ
U.S. Stocks Drop in Jittery Session

Morning MoneyBeat Europe WSJ
Markets Brace for More Volatility Ahead of Yellen Speech

Morning MoneyBeat USWSJ
Will Fed’s Yellen Soothe Market Jitters?

Danske DailyDanske Bank

Euro rates updateNordea

Unwanted euro strength; the yields stays low; will Norges Bank hold? * Bund again breaks through 0.6% * Notoriously outspoken Nowotny manages to strengthen euro

Morning MarketsTF
The Chinese slowdown's impact on neighbouring Japan was thrown into sharper focus overnight as new PPI figures revealed that the rate of growth in Japanese manufacturing has stalled. The VW fraud scandal, meanwhile, thunders on with increasing ferocity and may well engulf the European car industry too.

Daily FX CommentMarc Chandler
Dollar Mostly Softer

Daily Shot – TF

Daily Press SummaryOpen Europe
EU leaders agree to further aid but remain divided over border control * French Economy Minister: UK plans can be coordinated with Eurozone in new EU treaty * Former Labour policy chief: We need two categories of EU membership * ECJ legal opinion could deal major blow EU-US data transfers * Draghi says “too early to judge” whether further QE needed * Greek deputy transport minister resigns hours after appointment * Merkel’s government accused of knowing VW was rigging emissions test

Brussels PlaybookPolitico
Movement on migration — Merkel’s car nightmare — Safe Harbor bombed

Stocks Tumble As Emissions Scandal Spreads To BMW; NOK Plunges On Unexpected Norway Rate Cut


FX UpdateTF
EURUSD bounced modestly after its recent precipitous drop as ECB president Draghi failed to wax as dovish as the market expected, but the current lay of the land is mostly about strong G3 currencies versus just about everything else due to weak risk sentiment.

From the FloorTF
A sharp slide in the Brazilian real and Brazil bonds has sparked fresh fears that a new debt crisis could spill over from that major Latin American economy into other emerging markets and from there to the rest of the globe.

Suomen julkinen alijäämä pienentyy hitaasti * Norjan keskuspankki pitää ohjauskorkonsa ennallaan * Draghi jarrutti lisäelvytys odotuksia * Euroalueen PMI putosi hieman

Käteisen kielto veisi turvan kriisitilanteissa Peter Nyberg